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Welcome to The Hill's Business & Economy newsletter {beacon}
Business & Economy
Business & Economy
The Big Story
House passes $450b-plus funding package
The House finally passed its first batch of funding legislation just days ahead of a shutdown deadline.
© Greg Nash
The 1,050-page package calls for more than $450 billion in funding for the departments of Veterans Affairs, Agriculture, Interior, Transportation, Housing and Urban Development, Justice, Commerce and Energy.
The so-called “minibus” package cleared the House in an 339-85 vote, with 207 Democrats and 132 Republicans throwing their support behind the measure.
The legislation now heads to the Senate, where Majority Leader Chuck Schumer (D-N.Y.) said the chamber will hold a vote this week so Congress can fund the relevant departments “with time to spare before Friday’s deadline.” That timeline, however, is up in the air.
The successful vote means the House is halfway done with the appropriations process for fiscal 2024, an undertaking that has fractured the GOP conference, thrown Speaker Mike Johnson (R-La.) into hot water with his right flank and required four short-term extensions to arrive at the current juncture.
The tougher spending fight, however, lays ahead.
The remaining six government funding bills — which fund thornier areas like the departments of Defense, Homeland Security and Health and Human Services — are due March 22. Top appropriators say those measures will be more difficult to get over the finish line.
“The next tranche is more challenging than the first tranche — not that either one of them are easy,” Rep. Steve Womack (R-Ark.), who chairs the subcommittee that crafts IRS funding, told reporters Tuesday. “But there’s quite a bit at stake. Obviously, we’ve got national security that’s involved in this next group.”
Wednesday’s vote, nonetheless, marks a win for Johnson, who has sought to break what he dubbed the “omnibus fever” in Washington and move away from the sprawling, typically end-of-year spending measures that lump together all 12 appropriations bills.
House passage of the package also puts Congress one step closer to averting a partial shutdown, which the Speaker has pushed to avoid.
The Hill's Mychael Schnell and Aris Folley have more here.
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Essential Reads
Key business and economic news with implications this week and beyond:
SEC finalizes weakened rule to make companies disclose climate information
The federal government will require some of the largest publicly traded companies to disclose their levels of greenhouse gas emissions under a new rule from the Securities and Exchange Commission (SEC).
Full Story 10 states file legal challenge to SEC climate disclosure rule
West Virginia Attorney General Patrick Morrisey announced a coalition of 10 states will file a legal challenge to new regulations requiring public companies to disclose their climate-related risks and direct greenhouse gas emissions.
Full Story Fed chief caught in partisan battle over rate cuts as election looms
Interest rates are becoming an increasingly partisan issue ahead of the 2024 election as Democrats exhort the Federal Reserve to slash rates and reduce borrowing costs while Republicans sound notes of caution about inflation sticking around.
Full Story Powell: Fed needs ‘greater confidence’ before cutting rates
The Federal Reserve is not yet confident enough that inflation has been squashed to start cutting interest rates to juice the economy, Fed Chair Jerome Powell told House lawmakers Wednesday.
Full Story The Ticker
Upcoming news themes and events we're watching:
- On the heels of his testimony before the House Financial Services Committee Wednesday, Federal Reserve Chair Jerome Powell will appear before the Senate Banking Committee Thursday at 9:40 a.m. ET for his seminannual report on monetary policy.
- President Biden delivers his State of the Union address at 9 p.m. Thursday.
In Other News
Branch out with more stories from the day:
Texas approves land-swapping deal with SpaceX as company hopes to expand rocket-launch operations
MCALLEN, TX (AP) — SpaceX would acquire public land in Texas to expand its rocket-launch facilities …
Full Story Good to Know
Business and economic news we've flagged from other outlets:
- U.S. stocks snap two-day losing run as Powell signals rate cuts likely this year (MarketWatch)
- Elon Musk Says He Isn’t Donating to Trump or Biden for President (The Wall Street Journal)
- Trump allies on Republican National Committee want to help pay his legal bills (CNBC)
What Others are Reading
Top stories on The Hill right now:
House approves spending package to avert shutdown
The House on Wednesday approved a package of six spending bills, sending the legislation to the Senate days ahead of Friday’s partial government shutdown deadline. Read more
Plutonium pit ‘panic’ threatens America’s nuclear ambitions
This is the second story in a series about Sentinel, the Air Force’s nuclear missile modernization project. Other stories touch on the challenges in the surrounding communities near Sentinel construction and with the Air Force’s budget issues. Read more
What People Think
Opinions related to business and economic issues submitted to The Hill:
- The power of Congress’s purse is facing heightened scrutiny
- Americans benefitting from Biden’s policies have no idea he’s involved
You're all caught up. See you tomorrow!
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